Richmond Fed manufacturing index reaches 5 in July, below the estimate of 10

The Richmond Fed's composite manufacturing index came in at 5 in July 2026, against an analyst estimate of 10. The index stood at 4 in June. The data was released on Tuesday, 28 July 2026 (6 Mordad 1405); the survey is published on the fourth Tuesday of each month.

Within the same report, the shipments index rose to 8 from 3 the previous month, while the services index fell to minus 3 from minus 1.

A reading above zero indicates expanding manufacturing activity and a reading below zero indicates contraction. The regional Federal Reserve surveys are among the earliest signals on US factory conditions ahead of national data, and alongside other readings they shape market expectations for the path of US interest rates, which in turn moves the global gold price and the dollar index.